𝐔𝐧𝐞𝐚𝐫𝐧𝐞𝐝 𝐑𝐞𝐯𝐞𝐧𝐮𝐞: 𝐖𝐡𝐞𝐧 𝐈𝐭 𝐁𝐞𝐜𝐨𝐦𝐞 𝐄𝐚𝐫𝐧𝐞𝐝? The questions like what is unearned revenue? How to calculate it and recognize it? When is it transferred from the balance sheet to the income statement? All these questions are addressed here just read ahead! What Is Unearned Revenue? Unearned revenue can also be called deferred revenue. It is the …
Contra revenue account
𝐂𝐨𝐧𝐭𝐫𝐚 𝐀𝐬𝐬𝐞𝐭 𝐕𝐬 𝐂𝐨𝐧𝐭𝐫𝐚 𝐑𝐞𝐯𝐞𝐧𝐮𝐞- 𝐇𝐨𝐰 𝐃𝐨 𝐓𝐡𝐞𝐲 𝐃𝐢𝐟𝐟𝐞𝐫? Contra Asset vs Contra Revenue…. If you are wondering what is the difference between a contra asset account and a contra revenue account? All your queries are going to be gone away. Just read ahead! Contra means the opposite. A contra account is an account that has an …
𝐂𝐨𝐧𝐭𝐫𝐚 𝐀𝐬𝐬𝐞𝐭 𝐕𝐬 𝐂𝐨𝐧𝐭𝐫𝐚 𝐑𝐞𝐯𝐞𝐧𝐮𝐞- 𝐇𝐨𝐰 𝐃𝐨 𝐓𝐡𝐞𝐲 𝐃𝐢𝐟𝐟𝐞𝐫? Read More »
A contra account reduces the balance of its associated account and also recognizes the reason for reducing it.